Leadership requires creating conditions that enable employees to do the kinds of experimentation that entrepreneurship requires.
Throughout the process of driving, you always have a clear idea of where you're going. If you're commuting to work, you don't give up because there's a detour in the road or you made a wrong turn. You remain thoroughly focused on getting to your destination.
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Implanting Silicon Valley's equity culture in China involved some heroic maneuvers. The whole idea of tradable equity was novel to the mainland; its two clunky stock exchanges, in Shanghai and Shenzhen, had opened as recently as 1990. Employee stock options were not recognized in Chinese law, nor were the various sorts of "preferred" stock that Silicon Valley investors use to solidify their rights in startups. In a further complication, the Chinese government forbade foreign ownership of a broad swath of Chinese businesses, including ones that ran websites. This meant that U.S. venture investments into companies like Alibaba were on their face illegal, as was the listing of Chinese internet stocks on America's Nasdaq market. Because China's immature stock markets were not set up to deal with listings by young tech companies, this legal blockage could have killed China's digital economy in its cradle. Far from promoting the development of the tech sector, Chinese policy threatened to smother it.
To breathe life into China tech, the U.S. VCs and their lawyers came up with a series of workarounds. To begin with, the Chinese internet companies they backed were incorporated in the Cayman Islands. Cayman law allowed for every variety of stock: common shares for the startup founders, share options for employees, preferred shares for the investors. Further, a Cayman outflt could accept investment Capital from a non-Chinese VC: Goldman Sachs was forbidden to invest in an internet startup in Hangzhou, but it could buy shares in its Cayman parent. Finally, the Cayman shell could easily be listed on a non-Chinese stock exchange such as the Nasdaq, providing a way around the blockage of China's primitive markets.
Once the Cayman company had been established, the next task was to
Girişimci olmak için her şeyden önce çok sağlam bir karaktere ve psikolojiye ihtiyacınız var. Hele ki startup dönemindeyseniz...
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